Transcorp Power Market Value Hikes By 10%, Climbs To N1.98 Trillion After Lagos Listing

Nigeria's leading power generation corporation, Transcorp Power Plc valuation climbs to N1.98 trillion on Monday after a 10% hike in market value after Lagos listing.

At the beginning of trade, the valuation was N1.8 trillion but it closed at a cumulative value of N1.98 trillion. The power utility listed per share at N250 each and in total, 7.5 billion shares were listed to the Nigerian Stock Exchange (NGX)'s main board.

Transcorp's chairman Tony Elumelu at the Facts Behind the Figures presentation in Lagos said, "We have first met all the listing requirements 100 percent," Premium Times reported. "But in addition to that, as people who believe in democratizing lock, who believe in democratizing wealth, and prosperity for everyone, we will make some more shares available from tomorrow."

He added, "Today, we supply electricity to millions of Nigeria and we support ECOWAS through the West African Power Pool. We can do more and that is why we have come to the capital market," Punch reported.

Transcorp Power Plc is the second within the Transcorp conglomerate to be separated from its parent and listed independently. Its listing occurred nine years after Transcorp Hotels, the group's hospitality arm, became a public company in Lagos and was listed on the NGX.

Transcorp Power was listed 17 months after its rival, Geregu Power, which had an initial listing value of N250 billion but has now grown to a market capitalization of N2.5 trillion.

CEO Peter Ikenga said that Transcorp Power is the "only successor Genco (power generation company) post-privatization that has been fully discharged from post-privatization monitoring by the Federal Government."

He added, "We were inducted into the West African power pool in 2018 and what that means is that it also opened the door for us to do cross-border electricity trading. Today, 18 percent of our income comes from sales of power across the border."

According to the CEO, Transcorp Power's targeted excess revenue for 2031 is N500 billion. The company is responsible for operating the Ughelli Power Plant in Delta State, which installed 972 megawatts of capacity while the total installed capacity of the company is 2,000 megawatts.